Jamie Vardy is likely to continue with the Premier League winnersGetty

Arsenal were close to completing a deal for Leicester City star Jamie Vardy as the Gunners were preparing for a medical, Ray Parlour has revealed. However, the 29-year-old made a U-turn and decided against joining the north London club.

Arsene Wenger was keen on securing the services of the England international, who played a key role in helping the Foxes win the league title in the 2015.16 season. He scored 25 goals and registered six assists in 36 league appearances and Arsenal triggered his £20m ($28.5m) release.

Parlour believes it is unlikely that Vardy will join the Gunners in the summer transfer window.

"It looks like it isn't happening now. I was at the Arsenal the other day and there were big reports flying around, and the club's cameramen and digital staff had to get down to the training ground," Parlour told talkSPORT.

"So it looked like it was going to happen — there was a medical being done. But it seems Vardy thought about it while on England duty, and suddenly there was a U-turn."

Vardy's club form saw him make it to England squad for Euro 2016. Arsenal were ready to offer him a four-year contract, which could see him earn £120,000-a-week ($171,066 per week) at the Emirates, according to the Mirror.

Leicester are willing to offer him an improved deal, which will see his wages rise to £100,000-a-week ($142,555 per week). Roy Hodgson and his men flew to France and Vardy was supposed to come back with an answer to Arsenal before the team left England.

The Premier League star decided against responding to Wenger's request and that forced the Frenchman to accept defeat in his side's chase for Vardy's signature. The Evening Standard reports that Vardy has snubbed advances from Wenger's side as he wants to continue with his current employers.

Arsenal have completed the signing of midfielder Granit Xhaka as the Swiss international has arrived at the Emirates from Borussia Monchengladbach. Vardy was set to be their second addition of this summer, only for the deal to collapse in the latter stages.